There are two basics you must have and always stick to.
The first one traders call risk management or money management. But it doesn`t really matters how we call it. Math and figures never lie. You can consider yourself a good trader if you use it and stick to it.
I am talking about simple math. You can define how you enter the market just by dropping coin or just for example enter shorts only. Statistically you will have 30-50% of winning trades in this case. Add simple math. If you lose 5% of your money for every losing trade and get 20-25% for every winning trade, you will be profitable.
And what I want to say, whatever and however you trade, you just need to calculate what will be your potential profit and loss for a long distance. It`s like playing poker where you must know your chances and bet or fold depending on them.
That was the first one. The another one is that you must have a clear plan (strategy, system, tactics) which tells you when and what direction you should trade.
Combine these two basics and start making money!
This book describes short and very simple strategy that allows to make money.
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